It is interesting to note that Bukele’s move is considered the first experiment by a country in using a volatile currency as legal tender.
The global market cap of cryptocurrencies also shrunk from an all-time high of $ 3 trillion to $ 1.25 trillion in the past 6 months.
President Bukele, while announcing his plans to legalise Bitcoin as legal tender claimed that this was to financially uplift the rather underdeveloped country.
After the law was rolled out in September, the El Salvadorean government launched the Chivo Wallet app.
Despite the claims of the government and ministers, the country is still experiencing low rates of GDP growth.
The GDP growth in 2018 and 2019 was 2.4 per cent each.